Central Florida's Still Doing Deals!

Credit Woes Slowing, Not Stopping, Deals

By Tracey C. Velt

ORLANDO-It’s been about 90 days since the subprime lending market collapsed and the subsequent credit squeeze. Now, commercial practitioners are anxiously awaiting the trickle down. The good news is that most experts at the RealShare Central Florida conference, held at the Gaylord Palms in Orlando, agree that the commercial market in Central Florida will see some dampening, but nowhere near the doom and gloom that some may have feared.

Central Florida "TEEMS WITH OPPORTUNITY"!!!!

Central Florida Teems With Opportunities

By Tracey C. Velt

ORLANDO-Florida may be saddled with unknowns in the areas of property insurance, taxes and hometown democracy--the amendment that calls for all citizens to vote for any change to the comprehensive land-use plan. But Central Florida area is ripe for the commercial real estate industry, according to experts at the RealShare Central Florida conference, held at the Gaylord Palms in Orlando.

More than 300 commercial practitioners attended the RealShare Central Florida conference. The RealShare Series is produced by Real Estate Media, publisher of GlobeSt.com, Real Estate Forum and Real Estate Florida. From the popularity and success of mixed-use development and continued population growth to the green building movement and low unemployment rates, commercial opportunities flourish. “The market will rise slowly, and we’re not in as dire a situation as some have predicted,” said Sean Snaith, director of the Institute of Economic Competitiveness at the University of Central Florida in Orlando. “Central Florida has job growth and personal income growth,” he says.

State appeals removal of tax amendment from Jan. 29 ballot

TALLAHASSEE, Fla. (AP) – Sept. 27, 2007 – The state Wednesday appealed a court ruling removing a property tax-cutting constitutional amendment from the Jan. 29 presidential primary ballot.

Chief Circuit Judge Charles A. Francis of Tallahassee took the Florida Legislature’s amendment off the ballot Monday. He ruled its ballot summary was misleading and inaccurate.

Oscela Lowers Property Tax

OrlandoSentinel.com

CENTRAL FLORIDA The Area In Brief

In Osceola, spending up, taxes down

September 26, 2007

Kissimmee

Osceola commissioners on Tuesday signed off on a $935.4 million budget that lowers property taxes in line with state mandates.

The countywide tax rate was set at about $5.36 per $1,000 of assessed value -- 64 cents, or 11 percent, less than the previous rate.

The owner of a $225,000 house claiming a homestead exemption will see about a $128 drop in the county tax bill, excluding city, school, library and other levies.

County Manager Michael Freilinger's plan increased spending by 21 percent from the last fiscal year, a jump he attributed mainly to infrastructure projects not funded with property taxes.

Florida's Tech Industry

Where Florida's tech jobs are

Technology businesses in Metro Orlando and the Palm Bay/Melbourne area are among the state's leading generators of the high-paying jobs, according to a study.

Etan Horowitz |Sentinel Staff Writer

September 25, 2007

The Orlando metropolitan area has added about 2,500 technology jobs -- making it the state's third-largest technology hub with 42,639 jobs, according to a report released today.

Florida Companie's Set Record!

Golden 100 companies post highest revenue total ever: $11.93B

Construction firms lead the way, with $3.37 billion.

Orlando Business Journal - September 21, 2007

by Cindy Barth

Editor

Despite the housing slowdown that affected a number of companies in the past year, Central Florida's largest privately held companies set yet another record for the Golden 100, with combined revenue topping $11.93 billion.

Orlando's Job Future is Promising!

Orlando's job future looks bright despite housing downturn

Orlando Business Journal - September 21, 2007

by Bill Orben

Associate Managing Editor

With home prices falling, construction companies laying off workers and a nearly 20-month supply of houses on the market, Orlando doesn't appear to be the land of opportunity.

Unless you're from Detroit.

Kuhn Comments

Will housing bubble rise again?

Developer Cameron Kuhn thinks so. He tells Orlando business owners the Fed's action may bring a revival.

Jerry W. Jackson Sentinel Staff Writer

September 21, 2007

Downtown Orlando developer Cameron Kuhn, who built a portfolio worth more than $100 million just as the nation's housing bubble was inflating and peaking, said Thursday he expects another bubble before the market stalls and falls again.

Polk County Transportation!

Inroads to growth

Polk's $333M street projects to boost business development.

Orlando Business Journal - September 14, 2007

by Bill Orben

Associate Managing Editor

If you build it, they will come.

That's the intent behind a $333 million road-building plan aimed as fostering economic development in northeastern Polk County -- an area currently known as a "bedroom community.

South Florida's Inflation Rate Soars!

OrlandoSentinel.com

South Florida's inflation soars past rest of country

By Harriet Johnson Brackey

South Florida Sun-Sentinel

September 20, 2007

New York's got nothing on us. Neither does Chicago, Los Angeles or Atlanta, when it comes to inflation. South Florida has the highest annual rate of any of the major metropolitan areas tracked by the federal Bureau of Labor Statistics, according to the latest rankings released Wednesday.

GOOD NEWS!!!

Fed Cuts Key Interest Rate
Tuesday September 18, 2:42 pm ET
By Martin Crutsinger, AP Economics Writer Fed Cuts Key Interest Rate in Effort to Fend Off Recession WASHINGTON (AP) -- The Federal Reserve cut a key interest rate for the first time in four years, starting with an aggressive half-point move to prevent a steep housing slump and turbulent financial markets from triggering a recession. The action triggered a huge rally on Wall Street.

New Home Starts

Centex building 100 homes in Lake Alfred

Orlando Business Journal - September 14, 2007

by Kristen Stieffel

News Assistant

Centex Homes is selling 100 three- and four-bedroom, single-family homes at Magnolia Ridge.

New Homes Coming

Engle Homes plans 1,700 Orlando homes

Orlando Business Journal - 1:45 PM EDT Friday, September 14, 2007

The local division of Engle Homes on Wednesday announced the launch of five new Central Florida residential communities with a total of 1,703 homes.

Fund For 1st Time Homebuyers

Crist seeks $50M for homebuyers

Orlando Business Journal - 10:06 AM EDT Friday, September 14, 2007

Gov. Charlie Crist has asked the Florida Legislature to appropriate $50 million from the state's trust fund reserves to help the Florida Housing Finance Corp. provide assistance to some 3,000 first-time homebuyers.

Orlando Property Tax Drop!

OrlandoSentinel.com

GOVERNMENT WATCH

Council adopts lower tax rate

September 13, 2007

Orlando

Orlando homeowners will see their tax rate drop next year. At the first of two public hearings on next year's budget, the Orlando City Council on Monday adopted a tax rate of $4.93 per $1,000 of taxable property value. That's 13.4 percent lower than the current rate of $5.69.

New Condo Hotel Property

Talon Group to build $140M condo hotel near U.S. 27

350-suite property already nabs Wyndham affiliation.

Orlando Business Journal - September 14, 2007 by Bob Mervine Staff Writer

KISSIMMEE -- Talon Group LLC plans to build a $140 million, 350-suite condo hotel in west Kissimmee.

Groundbreaking for the 16-story, twin tower project, dubbed the Vista Royale, won't begin until spring 2008, but it's already hit a couple of milestones:

Florida's Housing Market Is Hanging in There!

UF study: Florida’s housing market shows surprising resilience

GAINESVILLE, Fla. – Sept. 5, 2007 – Despite the bleak real estate outlook nationwide, Florida’s new home market appears for now to be stabilizing as a result of persistent demand for homes and lack of overbuilding, according to a University of Florida study released today.

Foreign Buyers are STILL Interested!

Foreign buyers may help housing market

NORTH PALM BEACH, Fla. – Sept. 7, 2007 – Looking for a ray of sunshine in today’s overcast housing market? Here’s one: Foreign buyers still want a piece of the American dream.

Mortgage Woes Dampen Market in Short Term

NAR: Mortgage problems to dampen home sales in the short term

WASHINGTON – Sept. 11, 2007 – Tighter credit for home mortgages will measurably dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008, according to the latest forecast by the National Association of Realtors® (NAR).

Developer Donation!

Developer donates $1M, land to Maitland for parks

Orlando Business Journal - 2:00 PM EDT Tuesday, September 11, 2007

Multifamily developer The Morgan Group last week announced it was donating $1 million and one acre to the city of Maitland's parks system.

Habitat for Humanity Builds Condo's

Habitat Orlando to build first multifamily condos

Orlando Business Journal - 9:23 AM EDT Tuesday, September 11, 2007

Habitat for Humanity Orlando announced plans to develop a $6 million, 3.9-acre multifamily community called Staghorn Villas on Staghorn Drive and Silver Star Road that will provide homes for 58 families.

St. Joe Development!

St. Joe sells 10 Victoria Park lots to Volusia home builder

Orlando Business Journal - 10:37 AM EDT Monday, September 10, 2007

The St. Joe Co. on Monday announced it added a fifth builder to its lineup for its master-planned community Victoria Park.

Worker Confidence is Up!

Worker confidence in Florida is up

Orlando Business Journal - 3:26 PM EDT Wednesday, September 5, 2007

Worker confidence rose in Florida during August for the first time in four months.

The Hudson (Nasdaq: HHGP) Employment Index reports that Florida workers' opinion of the job market inched up 1.7 points to 94.3 That's significantly lower than a year ago when the index registered 122.3.

Affordable Green Development?

Construction to begin on Winter Park affordable green homes

Orlando Business Journal - 1:04 PM EDT Thursday, September 6, 2007

Work is expected to begin Sept. 19 on a new affordably-priced, energy-efficient housing development in Winter Park, the Hannibal Square Community Land Trust announced Wednesday.

Church Street Come Back!

OrlandoSentinel.com

Church Street Station bouncing back

Sara K. Clarke

Sentinel Staff Writer

September 6, 2007

The first of several new businesses at Church Street Station debuts next week when Dolce Nightclub replaces the pink-themed, socialite-studded Club Paris.

The club's owner is closing the book on his rocky association with hotel heiress Paris Hilton. Fred Khalilian and a new investor, Manny Vivar, are hoping Orlando clubgoers are ready for something a bit more sophisticated. The Italian-themed Dolce Nightclub will shy away from hip-hop and even feature jazz and live piano music during happy hour.

Altamonte Apartment Complex Purchased!

PRG Acquires 174-Unit Apartment Building for $9M

By Natalie Keith

ALTAMONTE SPRINGS, FL-Philadelphia-based PRG Real Estate Management has acquired the 174-unit Altamonte Trace Apartments at 828 Orienta Ave. for $9.3 million, or $53,448 per unit. PRG plans to spend an additional $5,000 per unit on capital improvements.

Orlando Office Still Strong!

Despite Dip, Orlando Office Market Still Strong
By Natalie Keith

ORLANDO-Although the office market was not as strong in Q2 as in past quarters, investors are still attracted to the market due to its long-term prospects, according to market reports.

During the quarter, the market experienced its first net negative absorption of 98,488 sf since 2004. The year-to-date absorption is still positive, however, at 142,798 sf, according to the CB Richard Ellis Q2 Orlando office market report.

Housing Market Stabilizing?

Report says housing market appears more stable

Florida's weak new-home market appears to be stabilizing, according to a University of Florida survey released today. But hold the champagne: the experts were polled in July, before the subprime mortgage meltdown spread throughout global credit markets and into the broader economy.

Jerry W. Jackson

September 4, 2007

Orlando apartments part of $325M deal

Orlando Business Journal - August 31, 2007

Capri Capital Partners LLC on Thursday announced it acquired most of Whiteco Residential LLC's operating portfolio -- including one multifamily property in Orlando.

Chicago-based Capri Capital bought 10 multifamily properties valued at $325 million as part of a joint venture with Capri Select Income II and an undisclosed institutional investor.

Martha Stewart Community

KB Home to unveil state's first Martha Stewart community

Orlando Business Journal - 10:56 AM EDT Tuesday, September 4, 2007

KB Home has teamed with Martha Stewart to design homes in a community planned for Ormond Beach.

KB Home on Sept. 15 is set to open Deer Creek, Florida's first community with the Martha Stewart name on it and the fifth such community nationwide. KB Home has announced a total of nine Martha Stewart communities, according to a news release.

Medical Office Strong!

Report: Medical office market strengthens

Biomedical, pharmaceutical will be future drivers of space needs.

Orlando Business Journal - August 31, 2007 by Tiffany Beck Staff Writer

Central Florida's growing population and the medical village complex in the works at Lake Nona are driving an uptick in area medical office building projects.

So says a new report from Marcus & Millichap Real Estate Investment Services, which shows Central Florida gained 120,000 square feet of medical office space in the last 12 months, increasing the local supply by 3.8 percent over the previous year.